GASB Asks for Input on Pension Accounting
Standards

July 5, 2007 (PLANSPONSOR.com) - The Governmental
Accounting Standards Board (GASB) is asking for input from
users of governmental pension financial statements about the
effectiveness of accounting standards.

Pension accounting and financial reporting
standards were issued in November 1994 in GASB Statement
No. 25, Financial Reporting for Defined Benefit Pension
Plans and Note Disclosures for Defined Benefit Plans, and
Statement No. 27, Accounting for Pensions by State and
Local Governmental Employers. According to the GASB, the
Pension Research Project is intended to assess the
effectiveness of those Statements in contributing to the
achievement of two goals:

transparent financial reporting by state and
local governments and pension plans, and

information that is decision-useful for users
of their financial reports.